The eight-story project will be built along Main St. at McGowen, Camden said earlier this year.

McGowen Station is expected to open in 2017, when Camden Chairman and CEO Ric Campo expects few new multifamily projects will be opening, as development plans now are slowing.

"When the market has a hole in it in 2017, we'll be there to fill it," Campo said.

The news comes as multifamily developers across Houston are casting a wary eye toward falling oil prices. While some developers are pushing forward with new projects, others are playing a game of wait-and-see.

Campo said Houston has two key economic drivers beyond the energy industry that will help the economy through the downturn: the medical sector and the port.